TIDMORPK
RNS Number : 2864C
Orpak Systems Ltd
10 November 2009
10 November 2009
Orpak Systems Ltd
("Orpak" or "the Company")
Financial results for the third quarter and nine months ended 30 September 2009
Orpak Systems Ltd, the leading provider of card-free secure fuel payment systems
based on vehicle identification and end-to-end solutions for the automation of
fuel stations, announces its financial results for the third quarter and nine
months ended 30 September 2009.
Third Quarter 2009 Highlights
* Revenue was $12.9m (Q3 2008: $19.7m)
* Net profit increased 26% to $1.7m (Q3 2008: $1.4m)
* Net cash and cash equivalents totaled $25.7m at 30 September 2009, although a
dividend distribution of $1.1m was made on 2 July 2009
Nine months ended 30 September 2009 Highlights
* Revenue was $43.7m (2008: $52.4m)
* Net profit increased 46% to $6.2m (2008: $4.2m); Non GAAP net profit was $6.7m
(2008: $4.7m)
* Fully diluted earnings per share were $0.19 (2008: $0.13)
* Executed cost cutting plan to restore bottom-line performance and mitigate
impact of currency factors on operational efficiency
* Finalised the equipment of 570 BP stations in Turkey with automation and fuel
payment systems based on vehicle identification, and began to deliver the first
batch of 40,000 vehicle identification units out of an anticipated total of
approximately 65,000 vehicles
* Received $1m from delivering on the Company's contract with Gilbarco Inc.
(signed January 2009) to equip new fleet management systems of Gasboy
International, part of the Gilbarco family of companies, with Orpak technology · Progress made with opportunities in Europe, Africa and Asia
Outlook
* Global macro-economic conditions continue to affect sales
* Company continues to benefit from a high level of repeat business
* For the full year 2009, the Company expects to continue to gain market share in
emerging markets
Hayim Kohen, Chief Executive of Orpak, said: "We are pleased that this period
has seen sustained momentum in net profit growth as we continue to deliver on
our contracts and roll-out our products. Whilst the challenges of the economic
conditions persist, demand for Orpak's products remains encouraging and we are
focused on mitigating the negative impact of the market weakness, and so
continuing the successes we have achieved to date.
Looking ahead, the Company expects to continue to gain market share in emerging
markets and as a result, the Board looks to the future with confidence."
Enquiries:
Orpak Systems Ltd
Hayim Kohen, CEO +972 3 577 6868
Hemi Shtral, CFO
Libertas Capital
Sandy Jamieson +44 20 7569 9650
Corfin Communications
Harry Chathli, Claire Norbury +44 20 7977 0020
Note to Editors:
Orpak develops, manufactures and markets end-to-end solutions for the automation
of fuel stations and fleet management. Orpak is a market leader in automated
refueling systems that incorporate fuel payment based on vehicle identification.
Using advanced technologies to meet customer requirements, Orpak's solutions
integrate forecourt automation and management, convenience-store management
systems, commercial and retail sales solutions, and fuel delivery systems. The
Company's solutions are designed to benefit customers through enabling fuel
savings, preventing fuel fraud, maximizing loyalty programs and providing other
advanced services that increase profitability.
The Company's products have been delivered to more than 11,250 fuel stations and
2.5 million vehicles in 30 countries across the globe and are distributed
through an international network of subsidiaries and partners.
Orpak has been ISO-9001 certified since 1995, and the Company's products meet
appropriate local safety standards and regulations in markets in which it
operates.
Orpak (AIM: ORPK) was admitted to AIM in December 2005.
Financial review
Orpak is pleased to announce continued growth in operating profit for the third
quarter and nine months ended 30 September 2009, reflecting sustained demand for
the Company's products and services in key territories.
Third quarter revenue was $12.9m (Q3 2008: $19.7m). Net profit for the third
quarter increased 26% to $1.7m (Q3 2008: $1.4m).
Revenue for the nine months to 30 September 2009 was $43.7m (2008: $52.4m). Net
profit increased 46% to $6.2m (2008: $4.2m).
Net profit, excluding the provision of expenses for stock option plans and the
amortisation of intangible assets associated with acquisitions, amounted to
$6.7m (2008: $4.7m).
During 2009, the Company took firm action to address the challenges arising from
the weakness in the financial markets by reducing operating expenses. These
steps continue to produce encouraging results, and the benefits are expected to
persist into the next quarters.
Fully diluted earnings per share were $0.19 (2008: $0.13).
Sales and marketing expenditure amounted to $8.1m compared with $11.0m for the
same period last year as the Company maintained a tight control over its
operating costs in response to the economic downturn.
Net cash and cash equivalents totaled $25.7m at 30 September 2009, although a
dividend distribution of $1.1m was made on 2 July 2009.
Operating review
Orpak succeeded in increasing its market share in the territories in which it is
established and continued to expand into new areas. During the third quarter,
the Company's systems were delivered to 130 petrol stations and 60,000 vehicles
bringing the total to 11,250 petrol stations and 2.5 million vehicles equipped
to date, distributed across 30 countries.
For the nine month period, revenue in Europe fell to $34.0m (2008: $42.3m) due
to the freeze on capital expenditure by oil companies as a result of the
weakening global economic conditions. However, Europe remained the largest
contributor to the Company's revenues as major orders, including contracts with
oil companies in several countries in Eastern Europe, were delivered on time and
within budget.
Under a contract with BP in Turkey, Orpak delivered an additional 2,500 vehicle
identification units, bringing the total to date to 40,000 out of an anticipated
total of approximately 65,000 vehicles. This formed part of an ongoing contract
with BP in Turkey, and further strengthens the Company's position in the region.
During the first nine months, the Company received $1m from delivering on its
contract with Gilbarco Inc., that was signed in January 2009, to equip new fleet
management systems of Gasboy International, part of the Gilbarco family of
companies, with Orpak technology. The Gasboy products will be sold and supported
in the United States exclusively through the existing network of Gasboy
distributors and Authorized Service Contractors, and globally on a non-exclusive
basis. The new Gasboy fleet management systems include: fleet head office, site
controller, wireless vehicle identification, and fuel truck controller.
Outlook
Whilst the effects of the weakness in global economic conditions persists,
interest in Orpak's products and services remains strong and the Company
continues to benefit from a high level of repeat business. Going forward, Orpak
expects to grow its market share in emerging markets, building on the strong
foundations it has already established. As a result, and with indications of oil
companies considering a return to investment in automated services for fleets
and petrol forecourts, the Board looks to the future with confidence.
Interim Condensed Consolidated Balance Sheets as at
+----------------------------------+------------+------------+------------+------------+
| | | September 30 | December |
| | | | 31 |
+----------------------------------+------------+-------------------------+------------+
| | | 2009 | 2008 | 2008 |
+----------------------------------+------------+------------+------------+------------+
| | | Unaudited | Unaudited | Audited |
+----------------------------------+------------+------------+------------+------------+
| | | $ | $ | $ |
| | | thousands | thousands | thousands |
+----------------------------------+------------+------------+------------+------------+
| Assets | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Current assets | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Cash and cash equivalents | | 9,978 | 15,014 | 17,130 |
+----------------------------------+------------+------------+------------+------------+
| Held for trading investments | | 396 | 17,554 | 15,046 |
+----------------------------------+------------+------------+------------+------------+
| Held to maturity investments | | 1,386 | - | - |
+----------------------------------+------------+------------+------------+------------+
| Trade receivables | | 15,644 | 10,249 | 13,121 |
+----------------------------------+------------+------------+------------+------------+
| Other receivables | | 2,713 | 2,820 | 2,539 |
+----------------------------------+------------+------------+------------+------------+
| Inventories | | 7,238 | 8,974 | 7,551 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Total current assets | | 37,355 | 54,611 | 55,387 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Non-current assets | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Held to maturity investments | | 15,686 | 2,463 | 2,190 |
+----------------------------------+------------+------------+------------+------------+
| Deferred income tax assets | | 520 | 524 | 486 |
+----------------------------------+------------+------------+------------+------------+
| Employee benefits | | 344 | 171 | 424 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | 16,550 | 3,158 | 3,100 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Property and equipment, net | | 2,545 | 3,079 | 2,788 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Intangible assets | | 19,630 | 19,037 | 17,170 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Total non-current assets | | 38,725 | 25,274 | 23,058 |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| | | | | |
+----------------------------------+------------+------------+------------+------------+
| Total assets | | 76,080 | 79,885 | 78,445 |
+----------------------------------+------------+------------+------------+------------+
+----------------------+----------------------------------------+
| | |
+----------------------+----------------------------------------+
| Alex Milner Chairman of the Board |
+---------------------------------------------------------------+
| | |
+----------------------+----------------------------------------+
| | |
+----------------------+----------------------------------------+
| Hayim Kohen General Manager and Member of the Board |
+---------------------------------------------------------------+
| | |
+----------------------+----------------------------------------+
| | |
+----------------------+----------------------------------------+
| Hemi Shtral Chief Financial Officer |
+----------------------+----------------------------------------+
Date of approval of the financial statements: November 10, 2009
Interim Condensed Consolidated Balance Sheets as at
+---------------------------------------------+--+------------+------------+------------+
| | | September 30 | December |
| | | | 31 |
+---------------------------------------------+--+-------------------------+------------+
| | | 2009 | 2008 | 2008 |
+---------------------------------------------+--+------------+------------+------------+
| | | Unaudited | Unaudited | Audited |
+---------------------------------------------+--+------------+------------+------------+
| | | $ | $ | $ |
| | | thousands | thousands | thousands |
+---------------------------------------------+--+------------+------------+------------+
| Liabilities and equity | | | | |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Current liabilities | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Bank overdraft | | 1 | 1 | 70 |
+---------------------------------------------+--+------------+------------+------------+
| Short-term loans from banks | | 1,730 | 1,951 | 1,710 |
+---------------------------------------------+--+------------+------------+------------+
| Trade payables | | 3,213 | 5,835 | 6,215 |
+---------------------------------------------+--+------------+------------+------------+
| Other payables | | 11,240 | 12,709 | 13,955 |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Total current liabilities | | 16,184 | 20,496 | 21,950 |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Non-Current liabilities | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Deferred taxes liabilities | | 1,709 | 2,031 | 2,093 |
+---------------------------------------------+--+------------+------------+------------+
| Employee benefits | | 286 | 276 | 246 |
+---------------------------------------------+--+------------+------------+------------+
| Other long-term liabilities | | 6,262 | 5,145 | 5,250 |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Total non-current liabilities | | 8,257 | 7,452 | 7,589 |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Total liabilities | | 24,441 | 27,948 | 29,539 |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Equity | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Share capital | | 179 | 179 | 179 |
+---------------------------------------------+--+------------+------------+------------+
| Share premium | | 21,705 | 21,705 | 21,705 |
+---------------------------------------------+--+------------+------------+------------+
| Treasury shares | | (2,327) | (501) | (501) |
+---------------------------------------------+--+------------+------------+------------+
| Translation reserve | | 2,824 | 7,156 | 1,967 |
+---------------------------------------------+--+------------+------------+------------+
| Retained earnings | | 27,912 | 22,395 | 24,401 |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Total equity attributable to equity holders | | 50,293 | 50,934 | 47,751 |
| of the parent | | | | |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Minority interest | | 1,346 | 1,003 | 1,155 |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Total equity | | 51,639 | 51,937 | 48,906 |
+---------------------------------------------+--+------------+------------+------------+
| | | | | |
+---------------------------------------------+--+------------+------------+------------+
| Total liabilities and equity | | 76,080 | 79,885 | 78,445 |
+---------------------------------------------+--+------------+------------+------------+
Interim Condensed Consolidated Income Statements for the
+----------------------+------------+------------+------------+------------+------------+
| |Nine month period ended | Three month period | Year ended |
| | | ended | |
+----------------------+-------------------------+-------------------------+------------+
| | September 30 | September 30 | December |
| | | | 31 |
+----------------------+-------------------------+-------------------------+------------+
| | 2009 | 2008 | 2009 | 2008 | 2008 |
+----------------------+------------+------------+------------+------------+------------+
| | Unaudited | Unaudited | Unaudited | Unaudited | Audited |
+----------------------+------------+------------+------------+------------+------------+
| | $ | $ | $ | $ | $ |
| | thousands | thousands | thousands | thousands | thousands |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Revenues from sales | 43,704 | 52,388 | 12,923 | 19,720 | 71,177 |
| and services | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Cost of sales and | 23,512 | 28,734 | 7,785 | 10,397 | 37,185 |
| services | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Gross profit | 20,192 | 23,654 | 5,138 | 9,323 | 33,992 |
+----------------------+------------+------------+------------+------------+------------+
| Research and | 1,999 | 2,731 | 539 | 922 | 3,696 |
| development costs | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Selling and | 8,044 | 11,014 | 1,730 | 3,955 | 15,051 |
| marketing costs | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| General and | 2,600 | 2,730 | 844 | 981 | 3,971 |
| administrative | | | | | |
| expenses | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Other income | (73) | (21) | - | - | (12) |
+----------------------+------------+------------+------------+------------+------------+
| Other expenses | 53 | 22 | 40 | 22 | 18 |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Results from | 7,569 | 7,178 | 1,985 | 3,443 | 11,268 |
| operating activities | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Financing expense | (666) | (2,673) | (115) | (1,733) | (4,327) |
+----------------------+------------+------------+------------+------------+------------+
| Financing income | 631 | 494 | 45 | - | 1,498 |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Net financing | (35) | (2,179) | (70) | (1,733) | (2,829) |
| expense | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Profit before income | 7,534 | 4,999 | 1,915 | 1,710 | 8,439 |
| tax | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Income tax (expense) | (643) | (480) | 25 | (121) | (842) |
| income | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Profit for the | 6,891 | 4,519 | 1,940 | 1,589 | 7,597 |
| period | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Attributable to: | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Equity holders of | 6,172 | 4,240 | 1,716 | 1,360 | 7,065 |
| the Parent | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Minority interest | 719 | 279 | 224 | 229 | 532 |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Profit for the | 6,891 | 4,519 | 1,940 | 1,589 | 7,597 |
| period | | | | | |
+----------------------+------------+------------+------------+------------+------------+
+----------------------+------------+------------+------------+------------+------------+
| Earnings per share | | | | | |
| (in U.S. dollars) | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Basic | 0.191 | 0.126 | 0.053 | 0.040 | 0.209 |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Diluted | 0.190 | 0.125 | 0.053 | 0.040 | 0.208 |
+----------------------+------------+------------+------------+------------+------------+
Interim Condensed Consolidated Statement of Comprehensive Income for the
+----------------------+------------+------------+------------+------------+------------+
| |Nine month period ended | Three month period | Year ended |
| | | ended | |
+----------------------+-------------------------+-------------------------+------------+
| | September 30 | September 30 | December |
| | | | 31 |
+----------------------+-------------------------+-------------------------+------------+
| | 2009 | 2008 | 2009 | 2008 | 2008 |
+----------------------+------------+------------+------------+------------+------------+
| | Unaudited | Unaudited | Unaudited | Unaudited | Audited |
+----------------------+------------+------------+------------+------------+------------+
| | $ | $ | $ | $ | $ |
| | thousands | thousands | thousands | thousands | thousands |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Profit for the | 6,891 | 4,519 | 1,940 | 1,589 | 7,597 |
| period | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Adjustments arising | 885 | 5,611 | 2,191 | (847) | 321 |
| from translation of | | | | | |
| financial statements | | | | | |
| for the period | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Total comprehensive | 7,776 | 10,130 | 4,131 | 742 | 7,918 |
| income | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Attributable to: | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Equity holders of | 7,029 | 9,765 | 3,857 | 372 | 7,401 |
| the Parent | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Minority interest | 747 | 365 | 274 | 370 | 517 |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | 7,776 | 10,130 | 4,131 | 742 | 7,918 |
+----------------------+------------+------------+------------+------------+------------+
Interim Condensed Statement of Changes in Equity
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | Attributable to equity holders of the Parent | | |
+----------------------------------+-------------------------------------------------------------------------+-----------+-----------+
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | Share | Share | Treasury | Retained | Translation | | Minority | |
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | capital | premium | shares | earnings | reserve | Total | interest | Total |
| | | | | | | | | equity |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | $ | $ | $ | $ | $ | $ | $ | $ |
| | thousands | thousands | thousands | thousands | thousands | thousands | thousands | thousands |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| For the nine month period ended | | | | | | | | |
| September 30, 2009 | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at January 1, 2009 | 179 | 21,705 | (501) | 24,401 | 1,967 | 47,751 | 1,155 | 48,906 |
| (Audited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Changes during 2009: | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Profit for the period | - | - | - | 6,172 | - | 6,172 | 719 | 6,891 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Adjustments arising from | - | - | - | - | 857 | 857 | 28 | 885 |
| translation of financial | | | | | | | | |
| statements for the period | | | | | | | | |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Total comprehensive income for | - | - | - | 6,172 | 857 | 7,029 | 747 | 7,776 |
| the period | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Acquisition of treasury shares | - | - | - | - | - | (1,826) | - | (1,826) |
| (unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Dividend to equity holders | - | - | - | (2,761) | - | (2,761) | - | (2,761) |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Dividend paid to minority | - | - | - | - | - | - | (556) | (556) |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Share-based payment settled in | - | - | - | 100 | - | 100 | - | 100 |
| shares (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at September 30, 2009 | 179 | 21,705 | (2,327) | 27,912 | 2,824 | 50,293 | 1,346 | 51,639 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| For the nine month period ended | | | | | | | | |
| September 30, 2008 | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at January 1, 2008 | 179 | 21,705 | (501) | 20,400 | 1,631 | 43,414 | 638 | 44,052 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Changes during 2008: | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Profit for the period | - | - | - | 4,240 | - | 4,240 | 279 | 4,519 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Adjustments arising from | - | - | - | - | 5,525 | 5,525 | 86 | 5,611 |
| translation of financial | | | | | | | | |
| statements for the period | | | | | | | | |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Total comprehensive income for | - | - | - | 4,240 | 5,525 | 9,765 | 365 | 10,130 |
| the period | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Dividend to equity holders | - | - | - | (2,383) | - | (2,383) | - | (2,383) |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Share based payment settled in | - | - | - | 138 | - | 138 | - | 138 |
| shares (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at September 30, 2008 | 179 | 21,705 | (501) | 22,395 | 7,156 | 50,934 | 1,003 | 51,937 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Year ended December 31, 2008 | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at January 1, 2008 | 179 | 21,705 | (501) | 20,400 | 1,631 | 43,414 | 638 | 44,052 |
| (Audited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Changes during 2008: | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Profit for the year (Audited) | - | - | - | 7,065 | - | 7,065 | 532 | 7,597 |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Adjustments arising from | - | - | - | - | 336 | 336 | (15) | 321 |
| translation of financial | | | | | | | | |
| statements for the year | | | | | | | | |
| (Audited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Total comprehensive income for | - | - | - | 7,065 | 336 | 7,401 | 517 | 7,918 |
| the period | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Dividend to equity holders | - | - | - | (3,242) | - | (3,242) | - | (3,242) |
| (Audited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Share based payment settled in | - | - | - | 178 | - | 178 | - | 178 |
| shares (Audited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at December 31, 2008 | 179 | 21,705 | (501) | 24,401 | 1,967 | 47,751 | 1,155 | 48,906 |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
Interim Condensed Statement of Changes in Equity
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | Attributable to equity holders of the Parent | | |
+----------------------------------+-------------------------------------------------------------------------+-----------+-----------+
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | Share | Share | Treasury | Retained | Translation | | Minority | |
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | capital | premium | shares | earnings | reserve | Total | interest | Total |
| | | | | | | | | equity |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | $ | $ | $ | $ | $ | $ | $ | $ |
| | thousands | thousands | thousands | thousands | thousands | thousands | thousands | thousands |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| For the three month period ended | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| September 30, 2009 | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at July 1, 2009 | 179 | 21,705 | (2,327) | 27,349 | 683 | 47,589 | 1,072 | 48,661 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Changes during 2009: | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Profit for the period | - | - | - | 1,716 | - | 1,716 | 224 | 1,940 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Adjustments arising from | - | - | - | - | 2,141 | 2,141 | 50 | 2,191 |
| translation of financial | | | | | | | | |
| statements for the period | | | | | | | | |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Total comprehensive income for | - | - | - | 1,716 | 2,141 | 3,857 | 274 | 4,131 |
| the period | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Dividend to equity holders | - | - | - | (1,183) | - | (1,183) | - | (1,183) |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Share-based payment settled in | - | - | - | 30 | - | 30 | - | 30 |
| shares (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at September 30, 2009 | 179 | 21,705 | (2,327) | 27,912 | 2,824 | 50,293 | 1,346 | 51,639 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| For the three month period ended | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| September 30, 2008 | 179 | 21,705 | (501) | 20,996 | 8,144 | 50,523 | 633 | 51,156 |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at July 1, 2008 | | | | | | | | |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Changes during 2008: | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Profit for the period | - | - | - | 1,360 | - | 1,360 | 229 | 1,589 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Adjustments arising from | - | - | - | - | (988) | (988) | 141 | (847) |
| translation of financial | | | | | | | | |
| statements for the period | | | | | | | | |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Total comprehensive income for | - | - | - | 1,360 | (988) | 372 | 370 | 742 |
| the period | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Share based payment settled in | - | - | - | 39 | - | 39 | - | 39 |
| shares (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
| Balance as at September 30, 2008 | 179 | 21,705 | (501) | 22,395 | 7,156 | 50,934 | 1,003 | 51,937 |
| (Unaudited) | | | | | | | | |
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+
Interim Condensed Consolidated Statements of Cash Flows for the
+----------------------+------------+------------+------------+------------+------------+
| |Nine month period ended | Three month period | Year ended |
| | | ended | |
+----------------------+-------------------------+-------------------------+------------+
| | September 30 | September 30 | December |
| | | | 31 |
+----------------------+-------------------------+-------------------------+------------+
| | 2009 | 2008 | 2009 | 2008 | 2008 |
+----------------------+------------+------------+------------+------------+------------+
| | $ | $ | $ | $ | $ |
| | thousands | thousands | thousands | thousands | thousands |
+----------------------+------------+------------+------------+------------+------------+
| | Unaudited | Unaudited | Unaudited | Unaudited | Audited |
+----------------------+------------+------------+------------+------------+------------+
| Operating activities | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Profit for the | 6,891 | 4,519 | 1,940 | 1,589 | 7,597 |
| period | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Depreciation | 673 | 776 | 233 | 263 | 972 |
+----------------------+------------+------------+------------+------------+------------+
| Amortization | 370 | 403 | 129 | 134 | 542 |
+----------------------+------------+------------+------------+------------+------------+
| Gain (loss) from | (11) | (12) | (1) | 4 | (11) |
| sale of property and | | | | | |
| equipment, net | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Decrease in value of | 14 | 2,320 | - | 1,690 | 3,172 |
| securities, net | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Increase (decrease) | 322 | (1,118) | (50) | 25 | (509) |
| in value of | | | | | |
| long-term | | | | | |
| liabilities | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Income tax expense | 643 | 480 | (25) | 121 | 842 |
| (income) | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Financing income, | (260) | (541) | (149) | (167) | (758) |
| net | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Share based payments | 100 | 138 | 30 | 39 | 178 |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Operating gain | 8,742 | 6,965 | 2,107 | 3,698 | 12,025 |
| before working | | | | | |
| capital changes | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Changes in working | | | | | |
| capital: | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| (Increase) decrease | (2,215) | 11,752 | (449) | (1,412) | 7,758 |
| in trade receivables | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| (Increase) decrease | (274) | (1,248) | 20 | 302 | (917) |
| in other receivables | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Decrease in | 445 | 2,742 | 1,277 | 833 | 3,250 |
| inventories | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Decrease in trade | (2,943) | (1,887) | (1,757) | (64) | (881) |
| payables | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Decrease in other | (2,912) | (7,143) | (1,287) | (1,464) | (4,572) |
| payables | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Changes in employee | 118 | (16) | 92 | 38 | (301) |
| benefits | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | (7,781) | 4,200 | (2,104) | (1,767) | 4,337 |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Income tax paid | (847) | (380) | (350) | (144) | (985) |
+----------------------+------------+------------+------------+------------+------------+
| Net cash provided by | 114 | 10,785 | (347) | 1,787 | 15,377 |
| (used in) operating | | | | | |
| activities | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Investing activities | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Long-term loan paid | (82) | 107 | (41) | (164) | 278 |
| from (granted to) | | | | | |
| Rapac group | | | | | |
| companies | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Acquisition of | (473) | (647) | (225) | (120) | (907) |
| property and | | | | | |
| equipment | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Acquisition of other | (1,219) | (1,398) | (434) | (460) | (1,823) |
| intangible assets | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Investments in | (317) | (155) | (106) | (718) | (244) |
| securities, net | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Redemption of held | 123 | - | 123 | - | - |
| to maturity | | | | | |
| investments | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Proceeds from sale | 70 | 77 | 35 | 44 | 113 |
| of property and | | | | | |
| equipment | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Payment for | (1,298) | (3,705) | - | - | (3,705) |
| investment in a | | | | | |
| subsidiary | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Interest received | 396 | 541 | 170 | 167 | 705 |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| | | | | | |
+----------------------+------------+------------+------------+------------+------------+
| Net cash used in | (2,800) | (5,180) | (478) | (1,251) | (5,583) |
| investing activities | | | | | |
+----------------------+------------+------------+------------+------------+------------+
Interim Condensed Consolidated Statements of Cash Flows for the (cont'd)
+------------------------+------------+-----------+------------+------------+------------+
| | Nine month period | Three month period | Year ended |
| | ended | ended | |
+------------------------+------------------------+-------------------------+------------+
| | September 30 | September 30 | December |
| | | | 31 |
+------------------------+------------------------+-------------------------+------------+
| | 2009 | 2008 | 2009 | 2008 | 2008 |
+------------------------+------------+-----------+------------+------------+------------+
| | $ | $ | $ | $ | $ |
| | thousands | thousands | thousands | thousands | thousands |
+------------------------+------------+-----------+------------+------------+------------+
| | Unaudited | Unaudited | Unaudited | Unaudited | Audited |
+------------------------+------------+-----------+------------+------------+------------+
| Financing activities | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Acquisition of | (1,826) | - | - | - | - |
| treasury shares | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Dividend paid | (1,594) | (2,383) | (1,135) | - | (3,242) |
+------------------------+------------+-----------+------------+------------+------------+
| Dividend paid to | (556) | - | - | - | - |
| minority | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Short-term loan from | 8 | - | 356 | (75) | 371 |
| Rapac group companies | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Interest paid | (136) | - | (21) | - | (53) |
+------------------------+------------+-----------+------------+------------+------------+
| Interest bearing loans | - | 1,964 | (2) | 27 | 2,019 |
| and borrowings, net | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Long-term financing | (35) | (71) | (12) | (36) | (98) |
| lease | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Net cash used in | (4,139) | (490) | (814) | (84) | (1,003) |
| financing activities | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Net increase | (6,825) | 5,115 | (1,639) | 452 | 8,791 |
| (decrease) in cash and | | | | | |
| cash equivalents | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Cash and cash | 17,060 | 8,673 | 11,170 | 14,850 | 8,673 |
| equivalents at | | | | | |
| beginning of period | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Translation | (258) | 1,225 | 446 | (289) | (404) |
| differences in respect | | | | | |
| of cash balances | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
| Cash and cash | 9,977 | 15,013 | 9,977 | 15,013 | 17,060 |
| equivalents at end of | | | | | |
| period | | | | | |
+------------------------+------------+-----------+------------+------------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRTILFEVLTLILIA
Grafico Azioni Orpak Systems (LSE:ORPK)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Orpak Systems (LSE:ORPK)
Storico
Da Giu 2023 a Giu 2024
